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There are signs that the Greek proposals will not only be  accepted, but that it could come earlier than expected. EUR/USD is trading at 1.1160, after already having reached 1.1165. This is an acceleration of the  previous gains.

French president and other officials have endorsed the proposal and this boosts the euro, even if Germany has poured some cold water on the topic of a debt cut.

  • Hollande said the proposals are credible. This is a major endorsement. Finally the French are showing some leadership and not waiting for Germany.
  • The head of the Eurogroup, Dijesslbloem, said there could be a “major decision” on Saturday
  • But Germany  refuses a debt cut.
  • Talk that Varoufakis will oppose the deal.
  • The EU Summit on Sunday might be cancelled as an agreement will be reached on Saturday.
  • Christine Lagarde, Mario Draghi, Jean-Claude Juncker and Jeroen Dijsellbloem will discuss the proposal at 11:00 GMT.

Greek crisis – all the updates

Here is how it looks on the chart:

Greek deal may be accelerated July 10 2015 optimism EURUSD chart


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